| By Derek Caney (@stax920)
The U.S. stock market looks poised to take back yesterday's losses, after a mini-rebound of sorts in the British pound and the FTSE overnight. Does that mean that everyone is suddenly comfortable with Britain's vote to leave the European Union? Unlikely. Markets don't typically move in a single direction, even after a tumultuous event. We'll need a few more days of trading data to determine if this is a reversal or just a pause in the selling. Digits of the day: 200 points Dow Jones futures were up 170 points, or 1 percent, overnight, but still more than 700 points lower than where the market was before Britain's referendum. The British pound rose 1 percent against the dollar after falling to its lowest level in 31 years. The FTSE stock index rose 2.4 percent. Crude oil rallied 2 percent and change, while gold fell 1 percent. British Finance Minister George Osborne called for the country to provide fiscal stability after the Brexit vote, noting that Britain would have to cut spending and raise taxes. Quote of the day: "We are in a prolonged period of economic adjustment in the UK. We are adjusting to life outside the EU and it will not be as economically rosy as life inside the EU." – George Osborne, British finance minister. More on Brexit:
Volkswagen will pay more than $15 billion to settle claims with government regulators and nearly 500,000 owners of its diesel cars, after the company cheated on emissions standards. Within that settlement is a separate deal with state attorneys general worth $500 million.
Really, England? Iceland? 
Iceland's Aron Gunnarsson celebrates after his national team booted England from the European championship. REUTERS/Michael Dalder
Around the country - The Supreme Court wrapped up its session handing abortion advocates a victory when it struck down a Texas law that would have made it nearly impossible for women to get an abortion there. Abortion opponents plan to turn their attention to defending and expanding laws that ban abortion after 20 weeks of gestation. But this path could be difficult as well. The Supreme Court has not taken up any outright ban on abortion tied to fetal gestation in decades and has repeatedly rejected pleas by states to endorse such laws.
- Almost lost in the news yesterday was a high court ruling that expanded the types of domestic violence convictions that can trigger the loss of gun ownership rights. The decision is something of a thumb in the eye for the National Rifle Association.
- Despite ending the session on a high note, liberals wound up on the losing side on major cases on immigration and climate change. The court was one shy of its full strength of nine members much of this term due to the death of conservative Justice Antonin Scalia on Feb. 13. His absence affected the outcome of some major cases. Four cases, including the immigration dispute, ended in 4-4 splits that left lower court rulings in place.
Around Wall Street - After months of waiting for Congress to act as Puerto Rico's economic crisis progressively worsened, the Caribbean island is on the verge of securing a relief plan from Washington aimed at helping it address a hobbling $70 billion debt.
- Rival ride services Uber and Lyft have settled high stakes litigation involving two of their top executives, in advance of a trial that could have aired sensitive details about both companies. Lyft accused its former chief operating officer, Travis VanderZanden, of breaking his confidentiality pledges when he went to work for Uber. Uber, for its part, dropped a suit over a data breach that targeted an Internet address assigned to Lyft's chief technology officer.
- China tightened rules for mobile app developers including requiring real-name registration and preserving users' activity logs, the country's internet regulator said, as Beijing looks to strengthen oversight of the growing app market.
Around the world - Iraq's army closed in on 150 Islamic State fighters holed up in farmland west of Falluja in order to keep them from launching a counterattack on the city, a day after the government declared victory over the militants there.
- China is unhappy with Lady Gaga, who met with the Dalai Lama over the weekend. The country considers the exiled Tibetan spiritual leader a separatist. Such meetings with the Dalai Lama often get foreign artists put on blacklists in China.
- The United States placed Myanmar on its list of worst offenders in human trafficking, a move aimed at prodding the country’s new democratically elected government and its still-powerful military to do more to curb the use of child soldiers and forced labor. The reprimand of Myanmar comes despite U.S. efforts to court the strategically important country to help counteract China’s rise in the region. The decision may also have something to do with the widespread persecution of the Rohingya Muslim minority in the Buddhist-majority nation.
Today's reason to live Ramones – I Wanna Be Sedated |
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